Marathon Petroleum Corp (MPC) will raise its quarterly dividend by 9.4 percent to $0.58 per share in the first quarter of 2020.

This follows double digit dividend hikes by the refiner in the previous eight years. The year 2020 will mark the 9th consecutive year of dividend increases.

The dividend is payable March 10, 2020, to shareholders of record as of the close of business February 19, 2020. A new annualized dividend rate of $2.32 per share for MPC yields 4.4% at a stock price of $52.93.

Marathon Petroleum Corporation is an integrated, downstream energy company headquartered in Findlay, Ohio. The company's business includes petroleum product refining, marketing, retail and transportation. Also MPC is one of the largest natural gas processors in the United States. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interests in two midstream companies, MPLX LP and Andeavor Logistics LP, which own and operate gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. Marathon Petroleum Corporation has roots tracing back to the formation of the Ohio Oil Company in 1887.